Get an overview of our activities and operating and financial figures, with the investment prospects.

1. Petrobras
Update
August, 2015

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future events within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are not based on
historical facts and are not assurances of future results. Such forward-looking
statements merely reflect the Company’s current views and estimates of future
economic circumstances, industry conditions, company performance and financial
results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan",
"project", "seek", "should", along with similar or analogous expressions, are used to
identify such forward-looking statements. Readers are cautioned that these
statements are only projections and may differ materially from actual future results
or events. Readers are referred to the documents filed by the Company with the
SEC, specifically the Company’s most recent Annual Report on Form 20-F, which
identify important risk factors that could cause actual results to differ from those
contained in the forward-looking statements, including, among other things, risks
relating to general economic and business conditions, including crude oil and other
commodity prices, refining margins and prevailing exchange rates, uncertainties
inherent in making estimates of our oil and gas reserves including recently
discovered oil and gas reserves, international and Brazilian political, economic and
social developments, receipt of governmental approvals and licenses and our ability
to obtain financing.
We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events or for any other
reason. Figures for 2014 on are estimates or targets.
All forward-looking statements are expressly qualified in their entirety by this
cautionary statement, and you should not place reliance on any forward-looking
statement contained in this presentation.
NON-SEC COMPLIANT OIL AND GAS RESERVES:
CAUTIONARY STATEMENT FOR US INVESTORS
We present certain data in this presentation, such as oil and gas resources, that we
are not permitted to present in documents filed with the United States Securities
and Exchange Commission (SEC) under new Subpart
1200 to Regulation S-K because such terms do not qualify as
proved, probable or possible reserves under Rule 4-10(a)
of Regulation S-X.

3. 3
2015-2019 Business and Management Plan Targets
DELEVERAGE GENERATE VALUE FOR SHAREHOLDERS
Focus on profitability
Capital discipline
Strengthening of performance management
Net Leverage below 40%
Net Debt / EBITDA below 3.0x
By 2018
By 2020
Net Leverage below 35%
Net Debt / EBITDA below 2.5x
Prioritization of oil production
projects in Brazil, focusing on the
pre-salt
E&P
Downstream,
G&P and
Other Areas
Maintenance of Operations

4. 4
Financial Planning Assumptions
Import parity
Oil Product Prices
in Brazil
Preço do Brent
US$ 60/bbl in 2015
US$ 70/bbl in the 2016-2019 period
Brent Prices
(Average)
Nominal
Exchange Rate
(Average)
R$/US$
2015
3.10
2016
3.26
2017-2019
3.29
2020
3.56
No equity issuance

5. 5
Divestments and Restructurings
US$ 42.6 billion as follows:
Businesses restructurings
Demobilization of assets
Additional divestments
Divestments revised to US$ 15.1 billion
from US$ 13.7 billion
2015-2016
2017-2018

6. 6
Investments
Reduction of 37% relative to 2014-2018 BMP
* Considers only financiability portfolio (implementation + under bidding process)
** Includes Petrobras investments abroad
*** Includes Distribution
6.3
(5%)
12.8
(10%)
2.6
(2%)
108.6
(83%)
Exploration and Production**
Gas & Power
Downstream***
Other Areas
2015-2019 BMP
US$ 130.3 Billion
3,2
(2%)
158,1
(76%)
9,1
(4%)
36,4
(18%)
2014-2018 BMP*
US$ 206.8 Billion
Redução de 37%
3,2
(2%)
158,1
(76%)
9,1
(4%)
36,4
(18%)
37% Reduction

7. 7
Investments By Segment
89.4
(82%)
3.0
(3%) 11.3
(10%)
4.9
(5%)
Operational Support
Investments Abroad
Exploration
Production Development
E&P
US$ 108.6 Billion
1.3
(10%)
1.4
(11%)
8.8
(69%)
1.3
(10%)
Others
Abreu e Lima Refinery
Distribution (BR Distribuidora)
Maintenance and Infrastructure
Downstream
US$ 12.8 Billion
(1%)
5.0
(80%)
0.3
(5%)0.9
(14%)
LNG
Pipelines
Gas Chemical Units
Electricity
G&P
US$ 6.3 Billion
Note: Downstream total amount includes investments in Comperj to receive and treat natural gas, maintenance of equipment, among others.

8. 8
Oil Products Demand
842
402
573 587
608
897
990
2,596
1,032
2010
2,141
2020
2,851
1,189
1,054
2015
2,627
1,032
1,008
2014
kbpd
Gasoline
5.0%
p.y.
1.6%
p.y.
Diesel Others

9. 9
Deleverage Projection
Including productivity gains and divestments/restructurings in 2017 and 2018
Net Debt / EBITDANet Leverage
50.8%
32.2%
20%
30%
40%
50%
60%
2015 2016 2017 2018 2019 2020
3.33
2.03
0,0
1,0
2,0
3,0
4,0
5,0
2015 2016 2017 2018 2019 2020
5.0
0.0
1.0
2.0
3.0
4.0

10. 10
Moody’s
Petrobras Brazil
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
Ba1
Ba2
Ba3
B1
B2
B3
C
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
Ba1
Ba2
Ba3
B1
B2
B3
C
O
-
+
S&P
Petrobras Brazil
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
C
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
C
Fitch
Petrobras Brazil
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
C
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
C
O -
-
-
Positive outlook
Stable outlook
Negative outlook
O
Petrobras Global Rating Petrobras Intrinsic Risk
Investment Grade
Non Investment Grade
Rating Agencies Scale – Petrobras and Brazil Current Rating
O

11. Exploration & Production
Update

12. 12
Production Systems on the Pre-Salt Layer
Production peak of 811 kbbl on June 26, 2015, with 40 wells. Petrobras share= 586 kbbl
FPSO Cid. Angra dos Reis
5 production wells
FPSO Cid. Paraty
5 production wells
FPSO Cid. São Paulo
4 production wells
FPSO Cid. Mangaratiba
3 production wells
FPSO Cid. Ilhabela
3 production wells
FPSO Dynamic
Producer
1 production well
P-58 (*)
5 production wells
FPSO Capixaba (*)
2 production wells
FPSO Cid. Anchieta
4 production wells
P-48 (*)
2 production wells
P-53 (*)
4 production wells
EWT
Lula/Iracema
Sapinhoá
Parque das Baleias
Marlim Leste + Marlim
Santos Basin
Pre-salt
Avg. WI – 60%
327 kbbl
Campos Basin
Pre-salt
WI – 100%
259 kbbl
* Post-salt and pre-salt production
FPSO Cid. São Vicente
1 production well
P-20 (*)
1 production well

13. 13
ATAPU
LIBRA
BUZIOS
LULA / IRACEMA
SURURU
JÚPITER
SÉPIA
SUL DE SURURU
OESTE DE ATAPU
SUL DE LULA
CARCARÁ
CARAMBA
LAPASAPINHOÁ
NORTE DE BERBIGÃO
ITAPÚ
SUL DE SAPINHOÁ
SAGITÁRIO
BERBIGÃO
SUL DE BERBIGÃO
IRACEMA
NORTE DE SURURU
152
126
101 99
85 79
158
102
89 86
66 58
0
50
100
150
200
250
300
350
Until
2010
2011 2012 2013 2014 1Q15
Reduction of Well-Construction Time
(55% of capex)
Pre-Salt Performance
Fast production growth, low lifting cost and continuous reduction of well-construction time
Average Reduction
17% p.a. 9.07
14.57 14.97
Pre-salt* Petrobras
Average
Majors
Average
2014 Lifting Cost (US$/boe)
days
0
100
200
300
400
500
600
700
800
Oil Operated Production on the Pre-salt
2008 2009 2010 2011 2012 2013 2014 2015
PRODUCTION SHARING
TRANSFER OF RIGHTS
CONCESSION
Daily Production Record
811 th. bpd on Jun. 26th
AverageMonthlyProduction
(kbpd)
SANTOS BASIN
PRE-SALT
POLE
Breakeven = US$54/boe
*Lula/Iracema field

14. 14* Top 5 fields in average productivity per well. Sources: Norwegian Petroleum Directorate and Bureau of Ocean Energy Management
Pre-salt Productivity
Average productivity above 30 kbpd
39
36
35 34
33
31
30
28 27
24
SPH-7
SPH-1
SPH-5
LL-27
JUB-34
RJS-681
RJS-647
SPH-8
LL-22
SPS-55
Top 10 PBR Pre-salt Wells
17
7 6 6 5
Svalin
Hyme
Gudrun
Bøyla
Knarr
North Sea*
24
20
15
14 13 13 13 13 13 13
RO-158
RO-41
MLL-10
RO-66
SPS-92
RO-133
RO-8
RO-153
JUB-51
BAN-1
Top 10 PBR Post-salt Wells
Apr/15, Source: NPDMay/15May/15
13
12
11 10 10
SaintMalo
Lucius
TubularBells
EastAnstey
Jack
US GoM*
Apr/15, Source: BOEM

15. 15
Adjustments on Offshore Projects Schedule = 2015-2019 BMP
Variations on production systems first-oil years in comparison with 2014-18 BMP
1 year delay
Rev. of Marlim
Lula Sul
Atapu Sul
Berbigão
Sépia
Búzios 1
2 years delay
Lula Norte
Búzios 4
3 years delay
Lula Oeste
Búzios 2
After 2020
ES Águas Profundas
SE Águas Profundas 1
Parque das Baleias Sul
Maromba 1
Carcará
Júpiter
Espadarte 3
SE Águas Profundas 2
Rev. of Marlim 2
Itapu
No alteration
Iracema Norte
Lapa
Lula Alto
Lula Central
Tartaruga Verde e
Mestiça
Lula Ext. Sul / Sul de
Lula
Búzios 3
Iara NE / Atapu Norte
Búzios 5
Libra
Post-salt
Pre-salt

16. 16
New Offshore Production Systems in Brazil
Average capacity of oil processing is150 kbpd and production peak in 2 years
2.0
2.1
2.2
2.8
2.0
2.1
1,4
2014 2015 2016 2017 2018 2019 2020
millionbpd
PAPA TERRA
(Mar/15)
IRACEMA
NORTE
(3Q)
LULA ALTO
(1H)
LULA CENTRAL
(1H)
LAPA
(2H)
TLD de LIBRA
(2H)
LULA SUL
Replicant FPSO
BÚZIOS 1
FPSO ToR
BÚZIOS 3
FPSO ToR
TARTARUGA
VERDE E
MESTIÇA
LULA EXT. SUL
Replicant FPSO
LULA NORTE
Replicant FPSO
ATAPU NORTE/
PILOTO SURURU
Replicant FPSO
ATAPU SUL
Replicant FPSO
BÚZIOS 2
FPSO ToR
BÚZIOS 4
FPSO ToR
SÉPIA
REVITALIZAÇÃO
DE MARLIM 1
BÚZIOS 5
BERBIGÃO /
SURURU
Replicant FPSO
PRE –SALT
(CONCESSION)
TRANSFER OF
RIGHTS
POST -SALT
PRODUCTION
SHARING
To be
contracted
LIBRA PILOT
LULA OESTE
+ New Systems
Current Systems Production
+ Ramp-up + Complementary

17. 17
Vitória
ES
RJ
Campos
Basin
Parque das Baleias
Cangoá
Peroá
Canapu
Golfinho
Camarupim
Carapó
RoncadorAlbacora
Marlim
Barracuda
Garoupa
Carapicu
Xerelete
Papa-Terra
Maromba
Carataí
Pampo
Controlled production reduction on Campos Basin
Reduction of 9.9% on the production in five years
1,694
1,526
1.000
1.500
2.000
2.500
2009 2010 2011 2012 2013 2014
Oil production (kbbl/d)
Brazil
Campos Basin
- 2.1% CAGR
100 km
86% 75%
Campos
Basin Share
on
Petrobras
production
in Brazil
84% 83% 82% 79%

18. 18
Oil, NGL and Natural Gas Production in Brazil and Abroad
Comparison with 2014-2018 BMP
2.7
2.8
2.9
3.7
2.7
3.1
3.2
5.3
2014 2015 2016 2017 2018 2019 2020
2015-2019 BMP 2014-2018 BMP
Million boed

19. Petrobras
Update
August, 2015